DLF promoters conclude nearly Rs 9000-crore deal with GIC

A deal worth Rs 9,000 crore has been completed with the promoters of real estate sector DLF promoter and Singapore government fund GIC. In this deal, he has sold 33.34 percent stake in the company’s rental unit DLF Cyber City Developers Limited (DCCDL) to GIC.

In the information given to the stock exchange, the company said that in this deal, the promoters got Rs 8,950 crore from GIC and Rs 1,600 crore from additional DCCDL (DLF Cyber City Developers Limited). They will use this amount to bridge the debt of DLF. At present, DLF has a debt burden of Rs 27,000 crore. Significantly, in August this year, the promoters of DLF had sold their full 40% stake in DCCDL(DLF Cyber City Developers Limited) for Rs 11,900 crore. In this, 33.34 percent was sold to GIC for 8900 crores. DCCDL (DLF Cyber City Developers Limited)had repurchased the rest stake of nearly Rs 3,000 crore.

DLF has filled the regulatory last night in which it has written that all the conditions given in the agreement has been fulfilled, further, all sale and purchase of the securities and other actions of closing has been completed on 26th December 2017.

“Accordingly, the company and the investor (GIC) now hold 66.66 per cent and 33.34 per cent of the paid-up equity capital in DCCDL(DLF Cyber City Developers Limited), respectively,” DLF said in the filing. As per the sources, in this deal DLF has received Rs 8950 crore and Rs 1600 crore from GIC and DCCDL (DLF Cyber City Developers Limited)respectively.